Adira Energy Ltd.(TSXV:ADL) announced the closing of an $11.1 million Prospectus financing. The offering consisted of a total of 79,012,640 units and the net proceeds will be used for exploration and development programs on the Gabriella, Yitzhak and Samuel licenses.
As quoted in the press release:
A total of 79,012,640 units were sold under the Offering for aggregate gross proceeds of $11.1 million. Commissions of up to 6% in broker fees and broker warrants were paid on the Offering. Each broker warrant is exercisable for one Common Share at an exercise price of $0.14 per Common Share until August 9, 2014. A total of 3,353,000 broker warrants were issued.
Adira, CEO, Jeffrey E.Walter, commented:
We are pleased to welcome new investors into Adira’s already strong investor base. Adira continues to make excellent progress in being able to instil the confidence that it can deliver on the promises that have been made to our shareholders. Over the last several months we have delivered extensions to all of our licenses, extended drilling contract commitment dates, added Board members with significant industry experience, and recently contracted a rig for our core asset “Gabriella”. We continue to make excellent progress and remain focused on our program in the Eastern Mediterranean. We confidently believe that Adira’s assets and experienced team will be instrumental in enabling oil to be the next headline resource in Israel.